Nifty to see breakout above 8600 levels and Breakdown below 8478 closing levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market would see some correction near EquityPandit’s predicted resistance levels. EquityPandit also predicted that traders should hold long positions until Nifty holds 8478 levels by closing and exactly same happened. Nifty moved sharply positive and saw strong resistance near EquityPandit’s predicted resistance levels of 8550 levels. Nifty saw sharp correction from EquityPandit’s predicted resistance levels and saw lows right at EquityPandit’s predicted reversal levels of 8478 like a dot. Sensex also saw lows right at EquityPandit’s predicted support levels of 27635 like a dot. Market recovered from those levels and managed to close positive for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in positive zone. Market is lying at the thin range from where it can see a sharp movement on either side. Closing below 8478 would force Nifty to enter into negative zone and see a sharp breakdown. Until then traders can hold long positions. 8600-8635 would act as strong resistance level for Nifty, breaching which Nifty would see a sharp positive rally with a big breakout. So traders can wait for either of two levels to be breached and trade according to EquityPandit’s suggestion for huge profits.
FIIs were net buyers of Rs.548.90 crores whereas DIIs were net sellers of Rs.377.43 crores in cash market for last trading session. Nifty would see strong support at 8496-8470-8445-8400 whereas strong resistance would be seen at 8550-8580-8605-8635-8659 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Q1 Results To Be Disclosed Today: DHFL, Hindustan Zinc, Kitex Garments, KPIT Technologies, Lakshmi Vilas Bank and SKF India.
NSE Nifty: (8528) The support for the Nifty is 8496-8470-8445-8400 and the resistance to the up move is at 8550-8580-8605-8635-8659 levels.
NSE BankNifty: (18905) The support for BankNifty is at 18880-18734-18610-18533 and the resistance to the up move is at 19030-19160-19376-19440 levels.
BSE Sensex: (27788) The support for the Sensex is at 27635-27540-27380 and the resistance to the up move is at 27850-28018-28071-28218 levels.
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